Consider the following statements regarding the RBI Report on Currency and Finance (RCF) for 2023-24:
Statement I: India’s digital infrastructure and policy environment have positioned it as the fastest-growing digital economy globally.
Statement II: The positive role played by the regulatory framework has led to consumers’ rising confidence in digital financial products, boosting operating and technical efficiencies of financial institutions.
Which one of the following is correct in respect of the above statements?
1
Both Statement I and Statement II are correct, and Statement II explains Statement I.
2
Both Statement I and Statement II are correct, but Statement II does not explain Statement I.
3
Statement I is correct, but Statement II is incorrect.
4
Statement I is incorrect, but Statement II is correct.